Credit Suisse snaps up Skanska offices in Poland for €214m

Global investment bank Credit Suisse has acquired three office buildings in Poland from developer Skanska for €214 mln. 

The deal includes the Nowy Targ project in Wroclaw, along with two buildings in the High5ive office complex in Krakow. The transaction’s total leasable area comprises some 60,300 m2, including 22,800 m2 of space in Nowy Targ and 37,500 m2 in High5ive.

'This portfolio of three prestigious office buildings in Wroclaw and Krakow is characterised by sustainable, high-quality construction, in very attractive locations,' said Francisca Fariña Fischer, head of real estate international at Credit Suisse Asset Management. 'Furthermore, Poland is a dynamic and liquid real estate market.'

All three office buildings are expected to receive LEED Platinum as well as Building without Barriers certificates, Skanska said. Construction of the Nowy Targ project has just been completed. The transfer of Nowy Targ is scheduled for the fourth quarter of 2019, while the High5ive complex will be delivered in the first quarter of 2020.

'Top office buildings in Poland aren’t just found in Warsaw, but also in other regions and cities,' said Adrian Karczewicz, head of divestment at Skanska commercial business unit in CEE. 'We have observed that the markets in Wroclaw and Krakow have become attractive for investors due to their favourable conditions and impressive scale of business development.'

Skanska's CEE operation develops commercial properties in selected home markets in Poland, Czech Republic, Romania and Hungary, and is active in residential development across the cities of Prague and Warsaw.

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